NanoFlex Power Corporation (OTCMKTS:OPVS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On May 10, 2017, the Companys accepted the resignation of its
Chief Financial Officer, Mark Tobin from all positions with the
Company effective as of May 15, 2017. Mr. Tobins resignation was
to pursue other opportunities and was not the result of any
disagreement with the Company on any matter relating to the
Company’s operations, policies or practices. A copy of the
resignation letter from Mr. Tobin to the Company dated May 9,
2017, is filed herewith as Exhibit 17.1.
On May 10, 2017, the Company appointed Ronald DaVella as the
Companys Chief Financial Officer and a member of its board of
directors to be effective as of May 15, 2017.
In connection with Mr. DaVellas appointment, the Company entered
into an Employment Agreement with Mr. DaVella on May 18, 2017, to
which the Company agreed to employ Mr. DaVella as the Chief
Financial Officer of the Company for a term of four (4) years
(the Agreement). It is planned that under the Agreement, the
Company shall have the option to renew the Agreement on the
anniversary of the effective date or terminate the Agreement and
Mr. DaVellas employment by giving the executive ninety (90) days
written notice. Under the Agreement, Mr. DaVella is entitled to
compensation consisting of $180,000 per year for base salary. In
addition under the Agreement Mr. DaVella shall receive warrants
to purchase 1,800,000 shares of the Companys common stock at an
exercise price of $0.50 per share. The warrants shall vest in
increments of 25% with the first vesting to take place immediate
upon execution of the Agreement and each following vesting to
take place on the one year anniversary of the Agreement over the
three (3) years following the agreement.
The foregoing description of the Agreement and the warrants is
not complete and is qualified in its entirety by reference to the
full text of the form of the Agreement and warrant, copies of
which are filed as Exhibit 10.1 and are incorporated by reference
herein.
Other than the Agreement and warrants thereunder, there are no
compensatory arrangements between the Company and Mr. DaVella for
the services to be provided by him as an officer or director,
however, such arrangements may be negotiated in the future.
Mr. DaVella, age 59 is currently a lead director at The Joint
Corp. (TJC) and has been a director at TJC since 2014. In March
of 2017, Mr. DaVella was appointed as lead director of TJC. At
TJC, Mr. DaVella is a member of the audit committee as the audit
committee chair; he is also on the compensation committee and is
a member of the nominating and governance committee. Mr. DaVella
previously served as the Chief Financial Officer for Amazing Lash
Studios Franchise LLC from March of 2016 to May of 2017. Mr.
DaVella is also a franchise owner with Amazing Lash Studios
Franchise LLC since August of 2015. Mr. DaVella was previously an
audit partner at Deloitte Touche LLP from 1989 to July of 2014.
Mr. DaVella has assisted clients with operational and financial
controls, merger and acquisitions, internal and external
reporting as well as financings and public offerings and filings
with the SEC. Mr. DaVella received his undergraduate bachelors of
science degree in accounting from Queens College in 1974 and his
masters in business administration in finance from Pace
University in 1985.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
EXHIBIT INDEX
| Exhibit Number | Description | |
| 10.1 | Form of Employment Agreement and Form of Warrant. | |
| 17.1 | Resignation Letter. |
About NanoFlex Power Corporation (OTCMKTS:OPVS)
NanoFlex Power Corporation is a development-stage company. The Company is engaged in the research and development of solar technologies. The Company’s solar technologies enable thin-film solar cell implementations. The Company’s research programs have yielded two solar thin film technology platforms: Gallium Arsenide (GaAs) thin film technology for high power applications and organic photovoltaic (OPV) technology for applications demanding aesthetics, such as semi-transparency and tinting and ultra-flexible form factors. These technologies are targeted at certain applications, including mobile and off-grid power generation; building applied photovoltaics (BAPV); building integrated photovoltaics (BIPV); space vehicles and unmanned aerial vehicles (UAVs); semi-transparent photovoltaic windows or glazing, and ultra-thin solar films or paints for automobiles or other consumer applications. NanoFlex Power Corporation (OTCMKTS:OPVS) Recent Trading Information
NanoFlex Power Corporation (OTCMKTS:OPVS) closed its last trading session 00.000 at 0.400 with 5,168 shares trading hands.